Ollie's isn't that bad, but 'cos it's only a few km from your effective starting point at Frankston Station you're still a bit "cold" when you hit it. The highway above the Hill has a bike lane all the way to Mornington, although it disappears for a couple of km actually through Mornington. The road is three lanes wide though along there, so it's not really that big an issue. As UJ1 suggests, you can either stickto the highway all the way through, but "Balcombe Hill" (up the back of Mt Martha) as it's locally known is a grind that puts Olivers in its place.
Alternatively, there are a few ways you can cut across to the Esplanade. My preference is a few hundred metres past Main St (which I avoid at the best of times, but especially weekends); at the top of the hill, just past the ped crossing, turn right into Wilsons Rd - because you're on a gentle, straight rise, the sight line from behind you is good, so you can be seen, and you can look back & pick your gap. The actual turning lane is right on the crest, so then you can see what's coming up & you can pick your gap to finish crossing the road. Follow Wilsons Rd to the end & sweep left onto the Esplanade. The first section to Mt Martha shops is good, but once you hit the cliffs around Mt Martha "proper" it's a bit narrow & twisty, so sightlines are poor in places.
Just ride the bloody thing and enjoy yourself!